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On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

The Pentagon Requests Funding For Mining Ventures in Australia And The U.K.

Charlie Brooks

May 12, 2022 09:39

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The U.S. Department of Defense has requested funding for facilities in the United Kingdom and Australia that process key minerals used in the production of electric vehicles and weapons, deeming the proposal vital to national security.


The request to amend the Cold War-era Defense Production Act (DPA) was part of the Pentagon's recommendations to Congress on how to draft the next National Defense Authorization Act, a military financing law.


When it finalizes the bill later this year, Congress may approve or reject the suggested amendments.


Washington is making more efforts to lessen the United States' reliance on China for lithium, rare earths, and other minerals required in the production of a variety of technology. Existing legislation prohibits the use of DPA money to excavate new mines, but they can be used for processing equipment, feasibility studies, and facility renovations. Currently, only American and Canadian facilities are eligible for DPA funding.


The Pentagon stated in its request to Congress that adding Australia and the United Kingdom would "allow the U.S. government to leverage the resources of its closest allies to enrich U.S. manufacturing and industrial base capabilities and increase the nation's competitive advantage in a highly competitive environment."


The Pentagon stated that relying solely on domestic or Canadian sources "unnecessarily restricts" the DPA program's capacity to "ensure a robust industrial basis."


A Pentagon official was unavailable for further comment at this time.


The U.S. mining industry's trade association, the National Mining Association, declined to comment.

RARE SOILS

The United Kingdom refines nickel and has many proposed lithium and rare earths processing facilities. Australia has mining and processing facilities for a variety of minerals, including iron ore, lithium, copper, and rare earths, a group of 17 metals used to create magnets that convert electrical energy into mechanical motion.


Lynas Rare Earths Ltd., based in Australia, was awarded a DPA grant of $30,4 million by the Pentagon in order to construct a processing facility in Texas in partnership with Blue Line Corp.


Amanda Lacaze, chief executive officer of Lynas, protested last month that the cash had not yet been distributed, citing continuing negotiations regarding the security of her company's intellectual property.


The Pentagon has also provided at least $45 million to MP Materials Corp, which owns the only rare earths mine in the United States but relies on China for processing.


The monies will support MP's attempts to resume processing of these important minerals in the United States. MP, based in Las Vegas, announced last week that it has begun receiving these monies and that the Pentagon will have "some rights to technical data" as a result.